Canadian Mining Journal

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GOLD: Dutch miner wants in on Lynn Lake play

AMSTERDAM – Nord Gold NV, a pure gold play company headquartered in this Dutch city, has asked permission from the board of Carlisle Goldfields in Toronto to purchase all of the Canadian company's issued and outstanding common shares.


AMSTERDAM – Nord Gold NV, a pure gold play company headquartered in this Dutch city, has asked permission from the board of Carlisle Goldfields in Toronto to purchase all of the Canadian company’s issued and outstanding common shares.

Nordgold is offering C$0.096 per share, all cash, for total proceeds of approximately C$27.3 million. The price is a 140% premium on the Nov. 11 Carlisle share price. The deal would be conditional on the termination of the AuRico offer.

Yesterday, CMJ reported that AuRico Gold had offered to purchase 70.6 million Carlisle shares at a price of C$0.08 per share. That would give AuRico a 19.9% share in Carlisle. Furthermore, AuRico proposed creating a joint venture covering Carlisle’s gold properties near Lynn Lake, MB, in which AuRico would initially hold 25%.

Nordgold is no doubt attracted by the preliminary economic assessment of the Lynn Lake project. Pre-tax average life of mine total cash costs are expected to be in the region of US$530 per ounce and all-in sustaining costs at US$644 per ounce (both are net of silver by-product credits).

To read highlights of the Lynn Lake PEA, click here.


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